NFA rage: BLUE SKY CAPITAL MANAGEMENT, GLOBEFX CLUB, TRADERS NETWORK
BLUE SKY CAPITAL MANAGEMENT and SCHNEIDER, GREGORY MICHAEL
COMPLAINT:
On August 25, 2009, NFA issued a Complaint charging Blue Sky and Schneider with willful submission of materially false or misleading information to NFA; cheating, defrauding or deceiving another person or attempting to do so; and distributing a disclosure document without required pre-submission to NFA.
DECISION:
On November 17, 2009, Blue Sky was ordered to immediately withdraw from NFA membership and never apply for NFA membership or principal status with any NFA Member at any time in the future. Schneider was ordered to immediately withdraw his NFA associate membership and principal status with any NFA Member and never apply for NFA membership, associate membership or principal status with any NFA Member at any time in the future.
GLOBEFX CLUB INC and MORTON II, JAMES CHRISTOPHER
COMPLAINT:
On June 30, 2009, NFA issued a Complaint charging GlobeFX Club with failing to cooperate with NFA in its investigation of GlobeFX Club's operations and providing false and misleading information concerning the firm's operations. The Complaint also charged GlobeFX Club and Morton with failing to comply with NFA Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term Rule 2-36(e) in the supervision of GlobeFX Club's Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term activities.
ANSWER:
On July 16, 2009, Morton filed an Answer to the Complaint in which he denied the material allegations contained therein.
DECISION:
On November 19, 2009, Morton was prohibited from applying to be a principal of any NFA Member or acting in a capacity requiring him to be disclosed as a principal of any NFA Member for five years. If Morton again applies for NFA membership or associate membership, then, in such event, he was ordered to pay a $10,000 fine, due and payable at the time he makes such application. Until such time as Morton pays this fine in full, not action will be taken to process his application.
TRADERS NETWORK LLC and MCGOWAN, TORY MATTHEW
COMPLAINT:
On August 26, 2009, NFA issued a Complaint charging TNL with using misleading promotional materials and failing to submit promotional material to NFA prior to first use. The Complaint also charged TNL and McGowan with failing to diligently supervise.
ANSWER:
On October 8, 2009, TNL and McGowan filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On November 20, 2009, TNL and McGowan were ordered to pay a $15,000 fine of which they are joint and severally liable.
BLUE SKY CAPITAL MANAGEMENT and SCHNEIDER, GREGORY MICHAEL
COMPLAINT:
On August 25, 2009, NFA issued a Complaint charging Blue Sky and Schneider with willful submission of materially false or misleading information to NFA; cheating, defrauding or deceiving another person or attempting to do so; and distributing a disclosure document without required pre-submission to NFA.
DECISION:
On November 17, 2009, Blue Sky was ordered to immediately withdraw from NFA membership and never apply for NFA membership or principal status with any NFA Member at any time in the future. Schneider was ordered to immediately withdraw his NFA associate membership and principal status with any NFA Member and never apply for NFA membership, associate membership or principal status with any NFA Member at any time in the future.
GLOBEFX CLUB INC and MORTON II, JAMES CHRISTOPHER
COMPLAINT:
On June 30, 2009, NFA issued a Complaint charging GlobeFX Club with failing to cooperate with NFA in its investigation of GlobeFX Club's operations and providing false and misleading information concerning the firm's operations. The Complaint also charged GlobeFX Club and Morton with failing to comply with NFA Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term Rule 2-36(e) in the supervision of GlobeFX Club's Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term activities.
ANSWER:
On July 16, 2009, Morton filed an Answer to the Complaint in which he denied the material allegations contained therein.
DECISION:
On November 19, 2009, Morton was prohibited from applying to be a principal of any NFA Member or acting in a capacity requiring him to be disclosed as a principal of any NFA Member for five years. If Morton again applies for NFA membership or associate membership, then, in such event, he was ordered to pay a $10,000 fine, due and payable at the time he makes such application. Until such time as Morton pays this fine in full, not action will be taken to process his application.
TRADERS NETWORK LLC and MCGOWAN, TORY MATTHEW
COMPLAINT:
On August 26, 2009, NFA issued a Complaint charging TNL with using misleading promotional materials and failing to submit promotional material to NFA prior to first use. The Complaint also charged TNL and McGowan with failing to diligently supervise.
ANSWER:
On October 8, 2009, TNL and McGowan filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On November 20, 2009, TNL and McGowan were ordered to pay a $15,000 fine of which they are joint and severally liable.